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June 9, 2009    

Government figures show 1.1% rise in house prices

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by Gill Montia

The Department for Communities and Local Government (DCLG) has released housing market statistics for April, showing a 1.1% month-on-month increase in prices.

The rise left the average price of a home 13.0% down on April 2008, at £189,215.

On a regional basis, annual price falls are as follows: England -13.2%; Wales -10.3%; Scotland -8.6% and Northern Ireland -22.8%.

The English region with the highest average house price in April remains London at £288,507; the lowest average price was in the North East, at £129,776.

In terms of property type, the cost of a terraced home increased by 2.0% between March and April; semi-detached dwellings saw a 1.0% rise; flats 0.9% and detached houses 0.7%.

However, bungalows bucked the trend by falling in value by 0.7%.

Taking a three month measure, the rate of fall slowed to 3% in the quarter to the end of April compared with 3.9% during the previous quarter.

The DCLG also collects data on first-time buyers and in April, the average price paid by those getting a foot on the property ladder was 16% lower than a year ago, compared with 16.7% lower in March.

The average price paid by a first-time buyer stood at £135,416.

In related news, the Royal Institution of Chartered Surveyors (Rics) has today reported that buyer interest increased in May while the number of properties on estate agents’ books continued to fall.

According to the Rics, the sales to stock ratio has risen for the fifth consecutive month, suggesting that the “pricing environment is improving”.

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